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How To Use The BSGM Framework To Achieve Entrepreneurship Success In Nigeria - Business - Nairaland

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How To Use The BSGM Framework To Achieve Entrepreneurship Success In Nigeria by austindgreatman(m): 11:41am On Oct 23, 2023
Applying the Business Survival Growth Model (BSGM) framework to attain prosperity in Nigeria's Entrepreneurship Ecosystem involves a structured approach that addresses the unique challenges and opportunities in the Nigerian context. Here's how the BSGM framework can be adapted for this purpose:

Survival Model in the Nigerian Entrepreneurship Ecosystem:
Block 1: Organizational Culture:
Challenge: Nigeria's entrepreneurship ecosystem can benefit from a culture of innovation, risk-taking, and resilience. However, it often faces challenges related to corruption and bureaucracy.

Solution: Foster a culture of innovation and ethical conduct. Encourage entrepreneurs to embrace creativity, adaptability, and a commitment to integrity in their ventures.

Block 2 - Management Tools and Leadership:
Challenge: Access to capital, mentorship, and supportive policies can be barriers for entrepreneurs in Nigeria.

Solution: Develop strategies and tactics to address these challenges. This may include creating mentorship programs, advocating for pro-entrepreneur policies, and establishing funding mechanisms for startups.

Revenue Diversification - A Key Strategy:
Challenge: Over-reliance on certain sectors of the economy, such as oil, has made Nigeria vulnerable to economic shocks.

Solution: Encourage diversification by supporting startups in various sectors, including technology, agriculture, and renewable energy. Promote investments in non-oil industries.

Block 3 - Motivational Systems and Human Resources:
Challenge: Skills development and education are essential for a thriving entrepreneurship ecosystem, but Nigeria faces challenges in this area.

Solution: Establish educational and training programs to equip entrepreneurs with the necessary skills. Encourage a culture of lifelong learning and innovation.

Block 4 - Business Process, ICT Systems, and Business Positioning:
Challenge: Access to reliable infrastructure, including stable power supply and digital connectivity, can be inconsistent.

Solution: Invest in improving infrastructure and expanding ICT networks. This includes enhancing digital connectivity, which can open up opportunities for online businesses.

Growth Model in the Nigerian Entrepreneurship Ecosystem:
Internal and External Forces:
Challenge: Nigeria's entrepreneurship ecosystem is affected by economic, political, and regulatory factors.

Solution: Strategically leverage internal strengths, such as a large and youthful population, and respond to external forces by advocating for favorable policies and regulations that support entrepreneurship and innovation.

Economic Forces:
Challenge: Economic instability and unequal wealth distribution can hinder entrepreneurship in Nigeria.

Solution: Encourage entrepreneurship as a means to drive economic growth and reduce wealth inequality. Promote inclusive financing options for entrepreneurs across various income levels.

Technological Advancement:
Challenge: Technological infrastructure and access to advanced technology can be unevenly distributed.

Solution: Invest in technology infrastructure and promote the adoption of digital solutions. Encourage the development of tech-driven startups and innovations.

Cross-Platform Integration Use Case:
Challenge: Connectivity and integration between entrepreneurs and various stakeholders can be limited.

Solution: Facilitate cross-platform integration through digital platforms and marketplaces. Encourage networking and collaboration among entrepreneurs, investors, and support organizations.

Applying the BSGM framework in Nigeria's Entrepreneurship Ecosystem requires a multi-faceted approach that addresses specific challenges while leveraging opportunities for growth and innovation. By fostering a culture of innovation, diversifying revenue sources, improving infrastructure, and embracing technology, Nigeria can promote a thriving entrepreneurial environment that contributes to the country's prosperity.

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